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How Often Should You Check Your Credit Report?

Why Is A Good Credit Score Helpful?

What Kind Of Information Will Your Credit Report Contain?

What Can You Do If Your Credit Report Is Wrong?

How You Can Raise Your Credit Score If It’s Low

 

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How Often Should You Check Your Credit Report?

As the old adage goes, “knowledge is power.” For consumers, that knowledge should include a full understanding of their credit report, the score attached to it and how that information is used.

Consumers who know how their credit history affects their everyday living possess a valuable tool. The list of agencies that can use your credit report to determine if they wish to do business with you is endless: landlords, credit card companies, insurance providers, cell phone companies and utilities. Not paying bills on time – or at all – can have negative repercussions on your credit history, causing damage that is not easily undone.

From the very first bank account you’ve ever had, to all of the credit cards you hold, a person’s credit history is a complete synopsis of how you have managed your finances over the course of your life. Whether the history is good or bad, it is prominently displayed within the pages of your financial documentation, otherwise known as your credit report. Financial brokers, credit card companies, financial institutions and even employers can use the information to their benefit and your detriment.

All credit reports contain a three-digit number called a credit score. It ranges from 300 to 850. The higher the number, the more financially secure the individual. Credit scores are generated through a mathematical algorithm that pulls data from a consumer’s credit report and processes it into one handy rating.

So how often should you check your credit report? At a minimum, once annually is recommended, although 3 times or more is ideal.

Thanks to the Fair Credit Reporting Act, all consumers now are permitted to receive one free credit report yearly. There are three credit reporting agencies which track the financial histories of U.S. residents: Equifax, Experian and TransUnion. While it is possible to order reports from all three agencies at once, some consumer experts recommended ordering one from each agency about four months apart. That way, consumers are able to view their report three times a year for free rather than just once.

Another opportune time to check your credit report is prior to any attempt to secure a loan for a large expense, such as a home or a vehicle. Knowing your current standing, and being able to find and correct any discrepancies in your report prior to applying, can help you to receive a more competitive interest rate. If a consumer discovers discrepancies in their credit report, they have the option of disputing them directly through the credit reporting bureau. Each credit reporting agency provides information on their respective websites on how to file a dispute.

If you’ve ever been denied credit – such as opening a new credit card account or taking out a loan – it is best to check your credit report. Inaccurate information may be contained within your credit report which is preventing you from getting credit.

The final and perhaps most important time to check your credit report is if you suspect you are the victim of identity theft. Your credit report will contain any fraudulent accounts opened using your personal information and may be a useful tool for law enforcement to track down the person who has committed the financial fraud. You also will need to be able to list all of the accounts which were not legitimately opened by you in order to have those accounts flagged and removed. If you find errors on your credit report, TopConsumerReviews.com has reviewed and ranked the best credit repair services available today.

I've Been Trying to Get My Free Credit Report Online. It's Basically Hell.

While Kevin's on vacation, we've invited other Mother Jones writers to contribute posts. Some of you probably saw my post about the frustrations I encountered trying to freeze my credit with the Big Three. From the feedback, it sounds like some of you ...

Published:  Sat, 23 Sep 2017 03:00:00 GMT



How Belgium deals with credit without Equifax, Experian, and TransUnion

Credit reporting in the U.S. has been dominated by three companies, Equifax, Experian, and TransUnion, yet many people don't even realize that these companies are compiling massive files on them. And now that there's been a breach, they don't like it.

Published:  Fri, 22 Sep 2017 14:57:00 GMT



Fed Chair Janet Yellen warns: Monitor your credit report!

Federal Reserve Chairwoman Janet Yellen on Wednesday warned millions of Americans to scrupulously monitor their credit reports following a "very serious data breach" at Equifax. "We would really urge consumers to be very careful in monitoring their credit ...

Published:  Tue, 19 Sep 2017 22:51:00 GMT



Herbert Lin: Credit reporting protections are backward

In the wake of the hack of credit reporting agency Equifax, many people have suggested that affected consumers implement credit freezes to prevent the misuse of their sensitive personal data. Equifax, which originally tried to charge consumers for this ...

Published:  Fri, 22 Sep 2017 23:45:00 GMT



How to Unfreeze Your Credit Report

In the aftermath of the Equifax breach, many experts and pundits are recommending Americans to freeze their credit reports. Freezing your credit report can be a good move to help protect yourself from someone stealing your information, opening accounts and ...

Published:  Wed, 20 Sep 2017 15:42:00 GMT



Clear collections from your credit report

Your credit score takes a hit if you fall behind on payments to a creditor, and again if an account is sent to the creditor's collection department or sold to a third-party collector. You may be able to repair some damage to your scores by resolving a ...

Published:  Wed, 20 Sep 2017 13:46:00 GMT



The Knowledge Group Has Scheduled a Live Webcast on The Fair Credit Reporting Act: 2017 Trends, Developments and What Lies Ahead

New York, NY, September 23, 2017 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, announced today that it has scheduled a live webcast entitled: The Fair Credit Reporting Act ...

Published:  Sat, 23 Sep 2017 00:01:00 GMT



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